Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-08-04
WASHINGTON.
ANTICIPATING INTEREST ON TIE PUB
Lie DEBT.
Secretary rairchild Issues a Circular with
the Object Of Providing for the Sink
ing Fund and Getting Rid OF
the Surplus.
fBy telegraph to the DIspatch-l

iby tcifSf1pf2 W bHhoeSh-i
WAsuryGroy. August 3.-The follow
ing Treasury circular was issued to-day
BY virtue Of the authority contained
in section 3699 Of the Revised Statutes
Of the United States, notice is hereby
given that interest due September
and December !, 1887, on 4! per cent.
bonds of the United States; October
l, 1887, and January |, 1893, on 4 per
cent. bonds and January |, 1888, on
bonds issued in aid OF the Pacific rail
roads, viii be prepaid on and after Au-
gust Il. 1887, with rebate at the
rate of percentum per annum on
amounts prepaid. Coupons due on
the above specified dates may be
presented for prepayment ut the rrea-
sury of the United States in Washing
ton or at the Office of any Assistant
Treasurer of the United States. Appli-
cations for the prepayment Of interest
on registered bonds may be made to the
Secretary of the Treasury in the form
prescribed. Registered bonds upon
which interest has been prepaid may
he transferred upon the books OF the
Department in the usual manner if
accompanied by release signed byth
new owners of all claims to prepaid
interest, and the Department will fur
Dish TO owners upon application certli-
Gates that the interest on their bonds
has or has not been prepaid, as the case
lay be.
Notice is also given that, in pur-
snance of the provisions OF section
1884 of the Revised Statutes, proposals
for the sale to the Government of the
United States ! per cent. bonds OF
1891. acts Of July If, 1870, and Janu-
airy 20. 1871, to be applied to the sink
ing fund, will be received and opened
at the Office OF the Secretary of the
Treasury, i'll Washington, Mt noon on
Wednesday, August 10, 1887, and on
each Wednesday thereafter until fur
ther notice. Proposals should state the
specific character of the bonds offered,
whether registered or coupon, and
must he for the sale of bonds, with ac-
crued interest to and including the day
Of sale, whether interest thereon has
or has not been prepaid. and the adj
justments OF prepaid interest on bonds
purchased under this circular will he
made when payment for bonds is made.
The right is reserved TO reject any or
all proposals for the sale of bonds il it
is thought to be for the interest of the
Government to do so.
&C $. FMRCHLD, Secretary"
Secretary Fairchid said this after
noop, in explanation of his action offer
ing to anticipate interest on the public
debt and to purchase bonds, that he
did it simply because he regarded it as
the best thing that could be done under
the circumstances. The purchase OK
bonds, he said, is for the purpose Of pro
yiGiug for the sinking fund, and the
anticipation of tie interest is for the
purpose Of getting rid of the surplus.
The latter operation, he said, is only
what any good Businessman would do
to discount his obligations. The an
ticipation of interest is one of two
means given 10 the Secretary Of the
Treasury for disposing Of the surplus
fund, and he regarded it ~ the cheapest
and most advantageous.
The interest covered by the circular
amounts to S22,3i9,7Si. 1t is impossi-
BILE Just now 20 state the exact amounts
Of rebate. The sinking-fund require
monis will amount TO about S2G, 0OO,-
600 in addition t. 1000, 900 OF per
cent. bonds already applied. "l'ho
SURPLUS" said Mr.. Fairchild, "can be
put out only through the cooperation
of the bondholaers. and if they do not
accept the torms OF the proposition
made to them it would seem they are
not in a very Great need OF money
CABINET MELTING At OAK VIEW.
WAsHINGToS, August "a meeting
OF the Cabinet WAS held last eveningat
the Presidents cottage at Oak View. 1t
was attended byall the members except
Secretary Bayard and Attorney-Gencrll
Garland. Theformer is out OF the city
ana tie latter is not in good health.
HE meeting was preceded by dinner,
OF which the President presided. 1t is
impossible to learn the object of the
meeting. Secretary Lamar and Post
master-Goneral Villas remained at Oak
Wow all night as guests OF the Presi-
dent. Cabinet meetings will not be
held regularly during the summer 1t
is thought that when they are found
necessary they will be held at Oak
View. AttOrney-Gencral Garland will
leave tomorrow for six weeks yaca-
ton at his home IL Arkansas,